>> announcer: this is "nightly business rep with tile her may i sen and sue re deal challenge. the justice department sues to block at&t's proposed takeover of time warner, setting up one of the biggest antitrust cases in decades. we are hiring. amid worry that jobs are being outsourced to india, an indian company is bringing jobs to the u.s. hidden taxes. there are some little known provisions in the proposed tax bills that might surprise you, and your wallet. those stories and much more tonight on "nightly business " for this monday, november the 20th. good evening, i'm bill brophye in tonight for tile

tyler mathisen. >> good to see you, bill. a block to the deal. the justice department will file a lawsuit to block at&t's takeover of time warner. the move creates a major blow to the companies, who together would have create add media and telecom empire. when first reports surfaced, shares of time warner fell while at&t finished the day higher, but the story is far from over. julia boorstin has the report tonight. >> if the justice department is suing. saying it would mean higher monthly television bills and fewer emerging innovative options. the department of justice has not gotten any state attorneys genera

at&t is planning to fight this suit. the general counsel and vp, saying the lawsuit is a radical and inexplicable departure from decades of precedent. vertical mergers like this one is mutua approved, because they benefit consumers without removing any competitor from the market. next um, at&t and time warner will ask the court to schedule a hearing on the department of justice's claims as soon as possible. for "nightly business report, i'm julia boorstin in los angeles. meanwhile, here on wall street, stocks started this holiday shortened week higher thanks to a part in the rise of financial and industrial shares. fact the dow jones industrial advanced 72 points, closed at had 3 -- the need dak added seven, the s&p 500 up three. questions are starting to emerge will where stocks can go

from here. one school of thought says that the bears may have missed their latest opportunity to make some noise. mike san tolli has that for us tonight. >> a week ago bears on wall street were served the makings, global stocks are in reteeth. investors are fleeing -- and key sectors as much as as bank and small-cap are strugg . for a late-week rebound, as good economic data and resilient tech stocks limited the dam. now all are asks if that was the bear's last good chance to play a serious pullback for 2017, a year on track without even a 3% dip in the index when a year has been as strong and calm as this one, it shows a better than average chance of an up side in the new years. fresh numbers on industrial housing and consumer conditions

all the indicate a humming economy. expectations for further corporate earnings growth and a chance of business tax relief offer further support. while the bears might have been thwarted again, the way markets wobbled in the first half of november could be a preview how they might eventually grow more dicey. a group of strong stocks, pockets the weakness and vast -- a hint of a slowdown in china, these are some of the cracks that might well open up eventually in an expensive market that's been on a prolonged hot streak in a long economic running cycle. for now the underfed wall street bears might have to be patient for their next big meal. i'm might be san tolli at the new york stock exchange. clear for retail and restale stocks as the hole say shopping season kicks into a high gear. historically, retailers have been the clear outperformers in the stock market, gaining as much as 5% on average since

2007. charlie o'shea is with us tonight to discuss what we can expect. he's a lead retail analyst at moody's. >> gooding to back, thanks. >> clearly a watershed retail for retail. store closures, high-profile bankruptcy, the amazon effect, everyone is rushing to get onloon to combat that effect. how will that affect the holiday season. >> i think what we see as it gets longer and longer every year and driven by the online phenomenon, and then everybody who trying to compete can amazon. it's still an -- but with the thanksgiving openings, and cyber-monday and the elongation of the season, it makes it harder to mention this year over year when you start to say black friday is what compared to last year. i don't know that those comparisons are necessary

anymore. >> one of th ways theaters gettin people into the doors, whether on black friday or this week alone, is cost-cutting discounting and promotions. how much is that goi >> i think what you see this year move that are innocent oy year is the amazon/walmart ballots, i call it the ali will frazier of retail, where they're fighting over market share. there's a lot of collateral damage that's come out of that. if you're a second or third-tier competitor to either of those companies in product segment you could get beat up pretty bad. the question or the issue for those retailers in those sectors are how low can i really go on price and still preserve my margin? this is going to be a heavily promotional season. we've seen the beginning of that with amazon, 50 days of black friday. that's a unique concept this year, and i just think the retailers have, again, this tough choice to make, whether i play that game or try to stay on

the sidelines and pick my spots. if you're a smaller retailer, you're probably better off picking your spots and being more tactical than trying to get in the ring. >> you clearly feel amazon and walmart are the clear winners this year. walmart has been very aggressive with their online strategy in 2017. what about the losers? are there losers that you can identify that you are worried about this holiday season? >> yeah, we've got a list of -- it's in the 20s now, distress names, double-a-rated and below. we're not in a recession now. the consumer is fairly healthy the economy is moving fairly well. what's he retailers are the one trouble. >> can you think of a name? >> toys "r" us, i cover clair's, which is the lowers rated retailer in the retail portfolio in the u.s. claire's offensely needs a holiday season to help itself.

you have sears in that category, neiman marcus, j. crew, a whole slew that all need to do well. >> charlie o'shea, always good to see you. >> thanks for having m. in other news, fed chair janelle yellen plans to step down once her successor is sworn into office. she was the first woman to lead the federal reserve, and she has presided over almost four straight years of steady economic growth, sluggish inflation and a falling unemployment rate. in her letter of resignation to the president, she said she was gratified that the financial system is stronger today than a decade ago. sue? bill, meantime nbc nbc that is approved a route for the keystone pipeline. it was the last major regulatory hurd. th pipeline will deliver oil from alberta to the texas gulf coast refineries. the project has been criticized by environmental activists and some landowners for years now.

the shares of transcanada did ri. owes prices fell today. domestic crude settled just above $50 a barrel. opec is a key force in the markets, so is saudi arabia. tonight investors are looking for potential of political also the world areas largest exporter. >> any leadership, and oil markets tend to stand on edge. thausre t lge oc er siehesuer rorav ciuledhahe king in his 80s and possibly ill, is ready to pass the torch to his son. what we now about mbf, is he's already been implementing policy. he's the architect of the saudi 2070 vision, which increases

the -- and at 32 years old he's a driving horse behind modernizing the kingdom. he's had influence for some time, but the title of king grants him absolute power. as king, he what have an impact on geopolitics. setting the agenda with foreign nations, making important decision like if the saudis should work with israel against iran, but how politics play out defendants on business interests as well. the sawedist still derive most of their revenue from oil, so prices matter. the aramco ipo is also key. consensus right now, it would be positive for oil prices. >> any change in leadership in saudi arabia, is likely --. crude oil will spike higher when we see turmoil, and also no surprise that we saw the highest level in crude oil prices just a few days after the arrests

started in saudi arabia. we know that saudi arabia has a vested interesting keeping crude oil prices high. so all sorts of reasons, we want wouldsh to be bullish for crude oil prices. >> ahead of opec's meeting next week, there are a lot of questions. what will the group say about compliance with promised production cuts? and could a young new visionary be leading the way in saudi arabia in 2018? fo "nightly business report," i'm jackie deangelis. still ahead, little-known provisions in the proposed tax bills that could p.

uber is planning to sxarchd its driverless fleet with thousands of cars from volvo. this new order marks the first commercial purpose for the ride-hailing company. the fleet is small, compared with the uber's 12 million drivers overall, but it does reflect its vision of an autonomous vision. the white house is tightening scrutiny of skilled worker visas. according to the "wall street journal," the administration is making it harder for bigging to hire foreign workers, citing numbers from the agency which administration the program, one in four applications between january and august has been sent back for requests for further evidence. the president has said that legal immigration creates unneeded competition for americans. the president has also expressed concern about u.s. jobs being outsourced to india,

but now an in company is moving jobs to the u.s. michelle caruso-cabra repor tube from auburn hills, mich. >> 3, 2, 1, cut. >> today the official ribbon cutting for an assembly plant of off-road utilities vehicles, behind it, the ma hen ra group of india. they also make tractors electric race cars and electric two-wheelers. we came here to tap the engineering experience that detroit is steeped in. why on earth would we bring people from india, with where here to offshore and have engineering talent from the u.s. we're selling our product to the >> mahendra's plans call for 650 employees by the year 2020. nearly all of them will be she says it's been a long time

since the new plant opened in >> we haven't had an assembly planned in t and canada and mexico, but mahendra is not worried about president trump's threats to abandon the agreement. >> i think your president is a consummate negotiator. i'm an optimist about nafta merely being updated, but i don't think it will be a situation where nafta is going to explode. >> he's watching. >> the ease of doing business is an attraction, the large market is an attraction. on top of that if you get lower taxes you'll have a huge amount of investment traveling to the u.s. >> for "nightly business michelle caruso-cabrera, auburn hills, michig t talks between the u.s., canada and mexico resumed.

one state that has a lot at stake is torch see. john harwood recently spoke to one of the senators from that state, lam >> he says he's going after the people who are part of the global establishment quick who look down on the blue collar trump voters, so how do you >> i don't know what he's talking about. i know -- >> are you a globalist? >> well, i'm -- i'm sitting in the blouebird cafe 40 miles fro nissan, and it-to attract 1,000 au suppliers to tennessee, raised our family incomes, made us richer. i went to japan to help get it. i'm interested in this being a part of the world. that's why i think the president

has gotten bad advice. argue with mexico and china have helped make you richer in tennessee. >> why do you think the president doesn't get this? >> he gets advice from different people, so i'm giving him other at the advice. >> john harwood joins us tonight. where does senator alexander stand on the tax reform plan in the senate they'll take up after thanksgiving. >> he's enthusiastically for it. he says cutting the corporate rate is the way to go, just like he sees expanding international trade is the way to go. that's good news for the white house and for republican leaders. >> what about the bipartisan affordable care act fix? snore alexander has been working on that. he stand on it now? >> that is interesting. he and patty murray have proposed a bipartisan mix that gives extra money for insurance companies that have high

patients. >> alexander says it will stabilize premiums. donald trump asked him to negotiate that, but he's wavered on whether or not he's for it. now some moderate republican senators are saying if we're going to vote for the tax bill, we need that alexander/murray bill to stabilize obamacare, and senator alexander is hoping he can persuade president trump to give the thumbs-up finally and get that into law at the end of the year. >> john harw. elsewhere chip maker marvell technology is buys its small are rival. that's where we ge tonight's market focus. marvell said it's going to buy network equipment maker cavium, for about $6 moil. it says it wil and diverse fit the revenu and all to offer more services to its customers. it rose 6% to 21.59.

shares of cavium popped. dish network subscribers are at risk of losing programming as early as this evg if they don't reach an agreement. cbs has warned that a possible plaqueout would happen and would affect the full slate of football coverage that the network is broadcasting t shares of dish network were also off 1% to 50.01. pharmaceutical company roche holdings said the therapy helped to slow lung cancer progression in untreated patients. the results were not a positive, though, for rival merck, which already has a drug used to treat lung cancer. merck shares fell by nearly 2% as investors reacted to this

news that a new contenter could be entering the market. shares closed at 54.10. activist hedge fund jana partners disclosed a nearly 9% stake in outback steakhouse owner. jana said the shares were undervalued and represents as active investment opportunity. blumin' brands jumped 20%. and after the bell, urban outfitters said strong demand for the free people clotheling brand helped that company deliver better than expected quarterly results. it also cited a rise in online sales and approved apparel execution pretty much across all brands. shares rose, and ended the regular day up 1%, to 28.27. bill? sue, as you know, oregon is trying to make saving for retirement just a bit easier. it's become the first state to roll out a plan that covers private sector workers who do

not otherwise have access to a workplace saving 3r578. the deduction is an automatic 5% unless the worker opts out. savings is one of the topics that we'll be covering during our special thanks hope you can join us on thanksgiving. everybody who is concerned about saving for retirement is paying attention to the tax proposals, but there are hidden taxes not getting a lot of attention. our robert f frank has the details. >> congress has been very vocal about how they would like to cut taxes, but they've been more quiet on who could potential cut tax hikes. here a few of the hidden tax increases. the senate bill includes a tax hike on certain stock investors through what's known as first in/first out accounting, preventing investors by choosing the specific shares of stock.

usually investors sell the most expensive they purchased, or those that have lost money to get the tax write-off. the bills would force them to sell the oldest shares first, no matter what the purchase price. this would raise a projected 2 about the 7 billion in revenue over ten years. initially the mutual fund firms like fidelity were also subject to the taxt lobbying last week they're now exempted. tuition ravers, that's when a university waives the tuition and sometimes provide a stipend for grad students who work as teaches or research assistant. by 145,000 grad students and 27,000 undergrads are awarded the waiver every year. they would now be taxed on incomes they don't actually receive.

and people who collect art, cars or other treasures may get a tax hike. it the house bills does away with exchanges. now, art collectors use this a lot to sell one painting and buy another without paying a tax. so do buyers of airplanes, tractor and sometimes car. society byes messed it in the erpgs call as a pot any toffee for the art market, but congress specifically carves e p that wi keep using it. that's real estate developers and real estate investors. for "nightly business report," i'm robert frank. coming up, we're crisscrossing the country as amazon hundreds for a second home. i'm in north carolina, a state that's been attracting out-of-state innovators since a couple guys from ohio came here to fly their airport. do they have enough to get the

second headquarters? we'll take a look coming up on one wall street firm is now saying shares of amazon could head much higher to perhaps $1360 a share. that would be the highest price target on wall street right now. numura says it will maintain the leadership position because of its ability to invest aggressively in multiple industries. that price target is roughly 20% higher than its occurrence pry. it's been one months since amazon began evaluating bids. so as far as we have taken you

to chicago and also cleveland. one of the keys to the victory is the city's ability to attract a skilled and diverse workforce. that is a big test for the bids coming in from north carolina. scott cohn is in ral north carolina has been attracting innovator since -- sit the wright brothers came to kit fosters innovation for nearly 60 years, the triad is a hub for manufacturing old and new. hickory may lack the population amazon wants, but its data centers make it a main junction on the information superhighway. charlotte is the financial capital of the south. to hear the people tell it, a magnet for millennial. all of them back by the governor. >> when i tack to ceos about

whether they're going to expand or bring their country to a state, the first thing they talk about is workforce and talent. north carolina checks all of those boxes for amazon. >> the ing possible exception o one. amazon wants to locate in a diverse community that supports diversity. that last part has been the subject of intense debate here. north carolina has partially repealed the so-called bathroom bill, which governed which facilities transgender people could bill. amazon opposed a similar law in washington state, but north carolina has kept other parts of the law, including a bans on local ordinance. governor cooper, elected last year on a promise to fully repeal the law, must now convince amazon to disregard that, even though as he tries to make the state more inclusive. >> north carolina is indeed a welcoming state. for decades we've been a beacon in the south, a place where

people know that they can come and get a great education, open a business, have the kind of environment, the cost of living for their employees. >> north carolina boosters say educated workers are coming to the state regardless. the goal now -- get amazon to do the same. for "nightly business report," i'm scott cohn in raleigh, north carolina. that is "nightly business re" for tonight. i'm sue herera. thanks for joining us. i'm bill griffeth. have a great evening. we.

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